Three Essays On Corporate Governance And Control
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Three Essays On Corporate Governance Shareholder Activism And Economic Policy Risk
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Author : Marcel Maier
language : de
Publisher:
Release Date : 2019
Three Essays On Corporate Governance Shareholder Activism And Economic Policy Risk written by Marcel Maier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Essays On Corporate Transparency And Governance Practices
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Author : Artyom A. Durnev
language : en
Publisher:
Release Date : 2003
Essays On Corporate Transparency And Governance Practices written by Artyom A. Durnev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business enterprises categories.
Comparative Corporate Governance
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Author : Klaus J. Hopt
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2015-02-06
Comparative Corporate Governance written by Klaus J. Hopt and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-06 with Law categories.
Corporate governance has become an important issue in all industrial economies. This text has grown out of a conference entitled Comparative Corporate Governance, An International Conference, United States - Japan - Western Europe which considered the subject.
Essays On Corporate Risk Governance
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Author : Mr. Gaizka Ormazabal Sanchez
language : en
Publisher: Stanford University
Release Date : 2011
Essays On Corporate Risk Governance written by Mr. Gaizka Ormazabal Sanchez and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation comprises three papers on the governance of corporate risk: 1. The first paper investigates the role of organizational structures aimed at monitoring corporate risk. Proponents of risk-related governance structures, such as risk committees or Enterprise Risk Management (ERM) programs, assert that risk monitoring adds value by ensuring that corporate risks are managed. An alternative view is that such governance structures are nothing more than window-dressing created in response to regulatory or public pressure. Consistent with the former view, I find that, in the period between 2000 and 2006, firms with more observable risk oversight structures exhibit lower equity and credit risk than firms with fewer or no observable risk oversight structures. I also provide evidence that firms with more observable risk oversight structures experienced higher returns during the worst days of the 2007-2008 financial crisis and were less susceptible to market fluctuations than firms with fewer or no observable risk oversight structures. Finally, I find that firms without observable risk oversight structures experienced higher abnormal returns to recent legislative events relating to risk management than firms with observable risk oversight structures. 2. The most common empirical measure of managerial risk-taking incentives is equity portfolio vega (Vega), which is measured as the dollar change in a manager's equity portfolio for a 0.01 change in the standard deviation of stock returns. However, Vega exhibits at least three undesirable features. First, Vega is expressed as a dollar change. This implicitly assumes that managers with identical Vega have the same incentives regardless of differences in their total equity and other wealth. Second, the small change in the standard deviation of returns used to calculate Vega (i.e., 0.01) yields a very local approximation of managerial risk-taking incentives. If an executive's expected payoff is highly nonlinear over the range of potential stock price and volatility outcomes, a local measure of incentives is unlikely to provide a valid assessment of managerial incentives. Third, Vega is measured as the partial derivative of the manager's equity portfolio with respect to return volatility. This computation does not consider that this partial derivative also varies with changes in stock price. The second paper develops and tests a new measure of managerial risk-taking equity incentives that adjusts for differences in managerial wealth, considers more global changes in price and volatility, and explicitly considers the impact of stock price and volatility changes. We find that our new measure exhibits higher explanatory power and is more robust to model specification than Vegafor explaining a wide range of measures of risk-taking behavior. 3. The third paper examines the relation between shareholder monitoring and managerial risk-taking incentives. We develop a stylized model to show that shareholder monitoring mitigates the effect of contractual risk-taking incentives on the manager's actions. Consistent with the model, we find empirically that the positive association between the CEO's contractual risk-taking incentives and risk-taking behavior decreases with the level of shareholder monitoring. Furthermore, consistent with the board anticipating and optimally responding to shareholder monitoring, boards of firms exposed to more intense monitoring design compensation contracts that provide higher incentives to take risks. Overall, our results suggest that, when evaluating risk-taking incentives provided by a compensation contract, it is important to account for the firm's monitoring environment.
Three Essays On Corporate Governance And Control
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Author : Susan Christine Sassalos
language : en
Publisher:
Release Date : 1994
Three Essays On Corporate Governance And Control written by Susan Christine Sassalos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.
Essays On Voting Power Corporate Governance And Capital Structure
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Author : Yinghong Chen
language : en
Publisher:
Release Date : 2004
Essays On Voting Power Corporate Governance And Capital Structure written by Yinghong Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporate governance categories.
Corporate Governance
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Author : Joachim Schwalbach
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Corporate Governance written by Joachim Schwalbach and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Corporate Governance is a subject of great interest to academics, investors, and politicians throughout the world. Corporate governance is associated with the way firms are managed and controlled. Countries have adopted different governance systems to resolve the corporate governance issues. Anglo-Saxon systems differ from European and Japanese systems, and Eastern Europe and China, for instance, experiment with the way private organizations should be governed. Despite the great interest and intense debate, empirical evidence on the effectiveness of various governance systems is still sparse. This book brings together most current contributions from various perspectives and from an international angle. The book is an essential reading for academics, university students, practitioners, investors, politicians, and legislators.
Essays In Law And Economics Iii
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Author : Dirk Heremans
language : en
Publisher:
Release Date : 1996
Essays In Law And Economics Iii written by Dirk Heremans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Corporate governance categories.
Essays On Sustainability And Management
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Author : Runa Sarkar
language : en
Publisher: Springer
Release Date : 2017-05-25
Essays On Sustainability And Management written by Runa Sarkar and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-25 with Business & Economics categories.
This book offers a comprehensive overview of sustainability and management in India and through its insightful essays highlights the complex and multifaceted nature of sustainability as a concept. It also demonstrates the debates surrounding the concept of sustainability and its ramifications for ground-level practice in managing organisations and for public policy. The contributions from sustainability enthusiasts, practitioners from disparate fields and academics working at the Indian Institute of Management Calcutta, have been divided into five themes: (1) sustainability as a normative concept; (2) sustainability concept at the global level, (3) sustainability practices in Indian organisations and consumer behaviour; (4) sustainability, corporate governance and corporate social responsibility and (5) sustainability: a critique of organisational practice and government regulation. The themes reflect both new and continuing issues confronting management in the country today. Examples and in-depth studies make it relevant to the grounded reality in India. The expertise and experience of the contributors ensure that readers are left with a grasp of our current understanding of how sustainability is related to society and business, the direction this understanding will take in the future.
Essays On Governance
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Author : Andrew J. Sherman
language : en
Publisher: Advantage Media Group
Release Date : 2012
Essays On Governance written by Andrew J. Sherman and has been published by Advantage Media Group this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
Essays on Governance, is a practical, easy to read book featuring a series of thirty-six (36) essays on the strategic essence, philosophy, best practices and legal aspects of leadership and governance. At a time when our faith and confidence in our nation's political and business leaders has reached historic lows, now is the time to reconnect with what it really means to lead and govern properly. Essays On Governance, features a collection of thoughts and insights for today's leaders and board members of companies both large and small, public and private, as well as boards of non-profits and NGO's and universities as well as from global government and political leaders. The book also features guest essays from selective thought leaders in the areas of governance, leadership, innovation, and risk management. Guest Essay The Role of the Governance Lawyer (Lizanne Thomas, Jones Day - Atlanta) Guest Essay Nine (9) Critical Questions A Board Must Ask In Connection With A Crisis or Regulatory Investigation (Henry Klehm, Jones Day, NY and Joan McKown, Jones Day, Washington, D.C) Guest Essay Corporate Communications: Challenges and Opportunities In A Changing World (Dave Groobert, U.S. General Manager, Environics Communications) Guest Essay Corporate Security, (Robert Dodge and Bruce Wimmer, Pinkerton Global Consulting and Investigations) Guest Essay. Information Systems and the Chief Information Officer (CIO) (By Neil Evans, (former CIO) Microsoft and Pete O'Dell, Swan Island Networks) Guest Essay Corporate Boards And Understanding The CFO A Financial Lens, the CEO's Conscience, and Gateway to Fiscal Understanding (Frank J. Walker, Baker Tilly) Guest Essay The Critical Importance of Evaluating and Testing Employees (Bud Haney, CEO, Profiles International, Inc.) Guest Essay Healthy Governance How to Build Healthy, Highly Effective Boards (Dr. Robert Rosen, CEO, Healthy Companies International) Guest Essay Corporate Innovation: Measuring Readiness and Results (Dr. Donald Kuratko, Director JCEI) Guest Essay Corporate Social Responsibility: From Being Best in the World to Being Best for the World, (Mrim Boutla, CEO, More Than Money) Guest Essay The "Innovention" of Global Governance Models, (Jack Hughes - Principal, PHOENIX Financial & Advisory Services, LLC) Guest Essay The Six Gut-Wrenching Questions Every Non-Profit Board Must Ask (Mario Morino, Chairman, Venture Philanthropy Partners) Guest Essay The Essence of Entrepreneurial Leadership (Verne Harnish, Chairman, Gazelles International) Guest Essay Turning The Tables: The SCALE Guide To Selecting The Right Board Members (Marissa Levin, CEO, Information Experts) Guest Essay Looking Towards the Future: The Business Case for Effective Corporate Governance (John Sullivan, Executive Director, Center for International Private Enterprises (CIPE))